Estimate your monthly EMI, total interest and total repayment for a home loan, car loan, personal loan or business loan.
Calculate your monthly EMI
Enter the principal, annual interest rate and repayment tenure.
The estimate excludes processing charges, insurance and lender-specific fees.
How is loan EMI calculated?
An equated monthly instalment combines principal repayment and interest. For a monthly interest rate r and n monthly instalments, the standard reducing-balance formula is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). A zero-interest loan is calculated as principal divided by the number of instalments.
Loan EMI calculator FAQs
Can I use this calculator for a home, car or personal loan?
Yes. The standard reducing-balance EMI calculation works for any loan with a fixed interest rate and regular monthly instalments.
Does the calculator include bank processing fees?
No. Processing fees, insurance, prepayment charges and other lender-specific costs are not included.
What happens if the interest rate is zero?
The principal is divided equally across the total number of monthly instalments.
How to use the EMI calculator
Enter the loan amount you plan to borrow, the annual interest rate offered by the lender and the repayment tenure. The calculator immediately estimates your equated monthly instalment, total interest cost and total amount payable. Try different rates or tenures to compare loan options before you apply.
How EMI is calculated
EMI is calculated using the reducing-balance method: EMI = P × R × (1 + R)N ÷ ((1 + R)N − 1). P is the principal loan amount, R is the monthly interest rate and N is the number of monthly instalments. Actual lender figures can vary because of processing fees, insurance, taxes, rate changes, rounding and the date on which interest starts.
How loan tenure affects repayment
A longer tenure normally reduces the monthly EMI but increases the interest paid over the full loan period. A shorter tenure increases the monthly commitment but can materially reduce total borrowing cost. Compare both the monthly affordability and the total interest instead of selecting a loan only by its EMI.
Before choosing a loan
- Compare the annual interest rate, processing fee and other charges.
- Confirm whether the rate is fixed or floating.
- Check prepayment, foreclosure and late-payment conditions.
- Keep sufficient monthly income available for regular expenses and emergencies.
- Request the lender's final repayment schedule before signing.
EMI calculator questions
Is this calculation a loan approval?
No. It is an educational estimate. Eligibility, rate, fees and approval depend on the lender's policy and your application.
Does the result include processing fees?
No. The estimate uses principal, interest rate and tenure. Add lender fees and insurance separately when comparing the total cost.
Can I compare home, car and personal loans?
Yes. The same EMI formula can estimate any reducing-balance loan with regular monthly instalments.
